The medical robotics technology has proven to be far more useful than other similar technologies of medical science, operating machines remotely to perform surgeries and can offer improved treatments. This technology is used across the verticals of healthcare making a number of surgical procedures easier & successful. Due to the increasing number of cardiothoracic, urological, and general surgeries, the technology is garnering a huge prominence, worldwide.
Integration of augmented reality (AR) and artificial intelligence (AI) into this technology have enabled medical robotics to reach par excellence, making cost-effective healthcare available. Simultaneously, the emergence of AR &AI has been supporting medical robotics to streamline operating theatres, making the surgical procedures efficient without leaving scope for human error at the same time saving a whole lot of time of healthcare staff.
As the medical robotics advances, the market has grown more, garnering more prominence & traction across the globe. Acknowledging the potential of the market to increase further, Market Research Future (MRFR) in its recently published study report asserts that the global Medical Robotics Market will perceive a splendid growth by 2023 registering a double-digit CAGR of 20.8% during the forecast (2017 – 2023).
Other predominant factors propelling the market growth include augmenting demand for successful surgeries coupled with the prevalence of diseases & increasing cases of accidents. Additionally, growing investments transpired into R&D activities are improving the technology creating a significant revenue pocket in the market.
Increasing use of medical robots in healthcare is fostering the market growth of medical robotics to an extent. Furthermore, advantages the medical robotics offers; allowing surgeons to remotely perform surgeries even in emergencies through telesurgery, by merely operating a robot & an imaging device. This is the key factor driving the market growth.
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On the other hand, since this technology is still in its embryonic stage, some factors such as the latency issues pertaining to the time gap between the instructions physicians give to direct the controls and machines’ response which results in robots getting programmed incorrectly, are impeding the market growth.
Besides, the intense training required before operating these robots (machines) which demands a significant amount of time present challenges to the market growth, restricting its uptake.
Also, the technology demands more advancement in terms of logistics for instance; once programmed, these robots cannot deviate from their course, they offer absolutely no chance for the needed adjustments to take place during the surgery which is also restricting its uptake to an extent.
Nevertheless, the technological advancement expected in the nearing future will rule-out these issues, supporting the market growth to perceive mega accruals.
Stryker Corporation (US), Smith & Nephew Ltd. (UK), Aethon Inc. (US), Intuitive Surgical, Inc. (US), Intouch Health Technologies, Inc. (US), Varian Medical System, Inc. (US), Medtech SA (France), Titan Medical, Inc. (US), Ekso Bionics Holdings, Inc. (US), ReWalk Robotics (Israel), Medrobotics Corporation (US), KUKA Roboter GmbH (Germany), Kinova (US), Myomo Inc. (US), Carefusion Inc.(US), Hocoma AG (Switzerland), Mazor Robotics Ltd. (Israel), Hansen Medical, Inc. (US), Transenterix, Inc. (US), ZOLL medical corp (US), Auroba biomed Inc. (US)
Global Medical Robotics Market – Segments
The market can be segmented into three key dynamics for the convenience of understanding;
- By Products: Hospitals & Pharmacies (Pharmacy Robot, I.V. Robots and other), Various Accessories, Medical Surgical Robotic Systems (Orthopaedic Robotic Systems, Neurosurgical Robotic Systems, Laparoscopy Surgical Robotic Systems and other), and Rehabilitation Services (Orthotics Robots, Prosthetic Robots, Therapeutic Robots, Assistive Robots, and other) among others.
- By Applications: Neurology, Cardiology, Rehabilitation, and Laparoscopy among others.
- By Regions: North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World.
Global Medical Robotics Market – Geographical Analysis
The North American region accounts for the leading market for medical robotics, globally, accounting for over 40% of the total market share. Factors such as augmenting demand for well-developed healthcare infrastructure, demand for the robot-assisted surgeries, and high healthcare expenditure drive the market growth in the region.
Europe accounts for the second-largest market for medical robotics which is expected to grow at a considerable CAGR. Favorable governmental support and initiatives drive the growth in the market extensively. The proliferating healthcare sector in the region, backed by the resurging economy is fostering the market growth radiantly.
The APAC region accounts for a substantial market for medical robotics. Factors such as the huge development opportunities along with the constantly developing healthcare infrastructure in the Asia Pacific region is propelling the market growth.
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- Medical robot manufacturers
- Medical robot suppliers
- Research and Development (R&D) companies
- Independent research laboratories
- Government and independent regulatory authorities
- Market research and consulting service providers
- Medical research laboratories
- Academic medical institutes and universities
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